TEEKAY Corporation executive vice-president and chief financial officer Vince Lok is retiring after nearly 30 years with the company; he has been the company’s CFO for the past 16 years.

When Mr Lok retires at the end of this year, Teekay vice-president, finance and treasurer Brody Speers will assume Mr Lok’s responsibilities, along with continuing to oversee Teekay’s finance, accounting and tax teams.

Mr Lok will stay on as an advisor through the end of 2023 to help ensure a smooth transition.

Teekay president and CEO Kenneth Hvid said over the past 30 years, Mr Lok has played an instrumental role in the evolution of Teekay.

“Personally, it has been a real privilege to have worked with Vince for more than two decades. He has been a great CFO, colleague, and friend whose professionalism and care for Teekay, and all our stakeholders, has been a beacon through both our growth and our simplification years,” Mr Hvid said.

“We have focused on talent management and succession planning over many years, and I am confident that Brody Speers is the natural choice for the role and will ensure that we have a seamless transfer of responsibilities.”

Mr Lok said with the company now in a solid financial position and well-positioned to benefit from the strong tanker market fundamentals, he feels it is a logical time to retire.

 “It has been a tremendous honour and privilege to be part of Teekay’s journey and to have had the opportunity to work with a world-class team over my 30 years with the company,” Mr Lok said.

“I look forward to staying involved with Teekay as an advisor as well as spending more time with my family and other priorities.”

Mr Speers joined Teekay in 2008 and has served in several senior financial positions in the company.

Teekay is listed on the New York Stock Exchange.

In Australia, Teekay provides operations support; supply and maintenance support; engineering support; and Australian crewing and training services.

In September last year, the company signed a contract with the Australian Department of Defence to expand its activities under the Defence Marine Support Services Program.

The contract includes two vessels previously managed by Teekay – MV Sycamore and ADV Ocean Protector – and three other vessels that were previously managed by Teekay under a fleet marine service contract – MV Stoker, MV Besant and MV Seahorse Mercator.